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A 30-year annuity has end-of-month payments. The first year the payments are $120 each. In subsequent...

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Basic Math

A 30-year annuity has end-of-month payments. The first year thepayments are $120 each. In subsequent years the monthly paymentincreases by $5 over what it was the previous year.

Find the accumulated value of this annuity ifAEIR=3%

A.

84,820

B.

42,390

C.

105,070

D.

100,620

E.

41,560

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